Understanding the Differences Between Term and Whole Life Insurance

Introduction

Choosing between term and whole life insurance can be confusing. This guide will explain the key differences and help you decide which type of policy best fits your needs.

Key Sections

• What Is Term Life Insurance?
  Term life provides coverage for a set period and is more affordable, but it does not build cash value.
• What Is Whole Life Insurance?
  Whole life offers lifelong coverage and builds cash value, which can be borrowed against or used to pay premiums.
• Which Should You Choose?
  If you’re looking for affordable, temporary coverage, term life may be the best option. Whole life is better for those seeking permanent coverage and a savings component